At Heritage, we believe that education is an important part of the estate planning process. On this blog we will be sharing some information, articles, and opinions that you may find helpful along your way.

Succession Plan

03/11/2016

The NFL may have some concerns as the Detroit Lions say they have an ownership succession plan but don’t actually reveal the details.

As with other professional sports it is important for the NFL to know that the ownership of a team is financially stable and sometimes teams can cause some concerns.

The current ownership situation of the Tennessee Titans is causing some concern for the NFL because the lack of succession planning has left the team under the ownership of the multiple heirs of the team’s founder. There is concern that the team might have to be sold.

The Titans are not the only franchise the league is concerned about. The Detroit Lions might also be problematic.

It had long been assumed that when owner William Clay Ford Sr. passed away, control of the team would pass to his son. However, his wife assumed control of the team instead. As she is 90 years old, some people are worried about who will follow her and assume control of the team.

The Lions say there is a succession plan in place, but they are not telling anyone what that plan is.

03/02/2016

Interest by the media and Wall Street in the life and drama of billionaire Sumner Redstone is not unusual as once again an aging billionaire makes the news as his personal life and wealth come under study.

Redstone owns 80% of National Amusements, through which he still has a controlling stake in both CBS and Viacom. His daughter owns the other 20%.

After he passes away, Redstone's shares are to be put in trust for his grandchildren. That has led to controversy as the new chairman of Viacom is also one of the trustees. Redstone's daughter claims this is a conflict of interest.

As reported by the New York Times in "When Family Fortunes Beget Vicious Power Struggles" this is not the first time a feud over a family-owned business has been made public when the founder begins to age or passes away. It is actually fairly common when the founder has done little to pave the way for a successor to operate the businesses and instead holds onto control for too long.

The saga over Redstone's media empire is just beginning and it might still work out. However, it should be considered as a lesson for anyone who owns a family business. It is extremely important to have a solid succession plan in place as part of an estate plan and that succession plan should be developed over a period of many years.

An estate planning attorney can help set up a smooth transition of power. No business is too big or too small to plan for. Learn more about estate planning at http://www.heritageelderlaw.com/